Interim Financial Statements
Consolidated Statement of Earnings
| (EUR thousand) | Q1 2007 | Q1 2006 restated* | Percentage change | Full year 2006 |
|---|---|---|---|---|
| Sales | 3,694,632 | 3,418,140 | 8,1 | 15,508,024 |
| Changes in inventories | 730 | 573 | 27,4 | (19) |
| Other operating income | 21,637 | 29,768 | (27,3) | 229,147 |
| Materials | (2,728,028) | (2,528,436) | 7,9 | (11,682,304) |
| Personnel costs | (660,481) | (611,177) | 8,1 | (2,583,858 |
| Depreciation and amortization | (79,552) | (69,622) | 14,3 | (324,544) |
| Other operating expenses | (209,024) | (208,599) | 0,2 | (924,608) |
| Profit from operating activities | 39,914 | 30,647 | 30,2 | 221,838 |
| Net income from equity-method investments | 14,673 | 13,309 | 10,2 | 39,179 |
| Net income from other participating interests | 11,327 | 3,553 | 218,8 | 48,362 |
| Investment and interest income | 17,423 | 23,219 | (25,0) | 132,168 |
| Investment and interest expenses | (17,484) | (20,486) | (14,7) | (103,496) |
| Profit before taxes | 65,853 | 50,242 | 31,1 | 338,051 |
| Income taxes | (23,758) | (26,703) | (11,0) | (136,689) |
| Profit after taxes | 42,095 | 23,539 | 78,8 | 201,362 |
| Of wich: Consolidated net profit | 9,567 | 8,605 | 11,2 | 89,097 |
| Of wich: Minority interest | 32,528 | 14,934 | 117,8 | 112,265 |
* Restated due to application of the amended IAS 19 together with the option permitting actuarial gains and losses on the measurement of pension provisions to be recognized directly in equity. Detailed information on this change is provided on page 113 of the Annual Report 2006.
* Restated due to application of the amended IAS 19 together with the option permitting actuarial gains and losses on the measurement of pension provisions to be recognized directly in equity. Detailed information on this change is provided on page 113 of the Annual Report 2006.
The change of accounting treatment reduces personnel costs in Q1 2006, thus increasing profit from operating activities by EUR 127,000. Investment and interest expenses were down EUR 1,256,000, making for a total increase of EUR 1,383,000 in profit before taxes. Deducting EUR 539,000 in deferred tax expense, profit after taxes and consolidated net profit are increased by EUR 844,000.
Consolidated Balance Sheet
| (EUR thousand) | Mar.31,2007 | Mar.31,2006 |
|---|---|---|
| Assets Non-current assets | ||
| Intangible assets | 401,818 | 396,958 |
| Property, plant and equipment | 786,318 | 751,794 |
| Investment properties | 46,141 | 46,471 |
| Equity-method investments | 710,880 | 699,403 |
| Other financial assets | 330,001 | 251,425 |
| Financial receivables | 35,225 | 34,260 |
| Other receivables and other assets | 66,224 | 48,735 |
| Deferred tax assets | 180,874 | 183,852 |
| 2,557,481 | 2,412,898 | |
| Current assets | ||
| Inventories | 83,459 | 72,572 |
| Financial receivables | 68,832 | 58,292 |
| Trade receivables | 3,440,803 | 3,326,541 |
| Other receivables and other assets | 123,018 | 115,195 |
| Current income tax assets | 35,007 | 41,968 |
| Marketable securities | 868,128 | 931,034 |
| Cash and cash equivalents | 944,940 | 1,397,012 |
| 5,564,187 | 5,942,614 | |
| 8,121,668 | 8,355,512 |
| (EUR thousand) | Mar,31,2007 | Mar,31,2006 |
|---|---|---|
| Liabilities and Shareholders' Equity | ||
| Attributable to the Group | 1,817,708 | 1,807,675 |
| Minority interest | 537,959 | 538,028 |
| 2,355,667 | 2,345,703 | |
| Non-current liabilities | ||
| Provisions for pensions and similar obligations | 32,900 | 33,017 |
| Other provisions | 199,194 | 197,033 |
| Financial liabilities | 786,120 | 772,264 |
| Other liabilities | 15,082 | 15,410 |
| Deferred tax liabilities | 69,298 | 66,122 |
| 1,102,594 | 1,083,846 | |
| Current liabilities | ||
| Other provisions | 762,280 | 788,711 |
| Financial liabilities | 382,530 | 271,875 |
| Trade payables | 3,258,275 | 3,639,315 |
| Other liabilities | 250,129 | 220,658 |
| Current income tax liabilities | 10,193 | 5,404 |
| 4,663,407 | 4,925,963 | |
| 8,121,668 | 8,355,512 |
